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olivLaw · US equity research

Elevance Health, Inc. ELV

Hospital & Medical Service Plans · SIC 6324 · Vertical: Hospital & Medical Service Plans (SIC 6324)

434.18USD+4.94% · 1 dayClose 04 Nov 2026

Elevance Health is one of the largest health insurers in the United States, with approximately 44.9 million medical members as of September 30, 2026. In the third quarter of 2026 operating revenue was 50.4 billion USD, up 0.7%, and management raised FY 2026 diluted EPS guidance to at least 22.00 USD. The Carelon segment could support growth, but the company remains exposed to medical costs and government program rules.

At the close of 04 Nov 2026, Elevance Health, Inc. (ELV) stock was 434.18 USD (+4.94% on the day), with market capitalisation 93.8 bn USD, P/E 18.5 on diluted EPS of 23.45 USD over the last 12 months, dividend yield 1.58%, beta 0.23, 52-week range 280.74–445.28 USD. Latest reported quarter (Q3 2026): revenue of 51.4 bn USD (+1.4% YoY), net income of 1.4 bn USD (+14.8% YoY), diluted EPS 6.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
93.8 bn USD
shares as of 15 Oct 2026
P/E (TTM)
18.5
Diluted EPS TTM 23.45 · TTM to 30 Sept 2026
E/P (TTM)
5.40%
TTM to 30 Sept 2026
Dividend yield
1.58%
DPS 12m 6.87
Beta (2y)
0.23
Volatility (1y) 36%
52-week range
280.74445.28

Price history

Loading chart…

Technical reading

RSI (14)
58.9
strong (55–70)
Bollinger (20, 2)
403.95 – 446.69
in the upper half of the band · %B 0.71 · band width 10.0%
SMA 50 / 200
411.75 / 373.04
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
3.69 / 5.21
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+10.1%−1.1%+11.2 pp—
3 months+11.0%−0.5%+11.4 pp—
6 months+15.9%+4.4%+11.5 pp—
Year to date+23.9%+12.3%+11.5 pp—
1 year+37.1%+13.5%+23.6 pp+52.7%
3 years−3.5%+76.4%−79.9 pp+8.5%
5 years+2.9%+63.7%−60.8 pp—
Max drawdown (1y)
−26.5%
15 Jan 2026 → 09 Mar 2026
Max drawdown (5y)
−51.2%
03 Sept 2024 → 01 Aug 2025
Compound annual growth (5y)
+0.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
51.4 bn USD
+1.4% YoY
Net income
1.4 bn USD
+14.8% YoY
Diluted EPS
6.27
+17.9% YoY
net / operating
2.7% / 2.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue45.4 bn48.9 bn49.8 bn50.7 bn49.7 bn50.2 bn50.5 bn51.4 bn
Cost of revenue6.0 bn5.0 bn5.3 bn5.4 bn5.5 bn5.5 bn5.5 bn5.6 bn
SG&A4.8 bn5.3 bn5.0 bn5.3 bn5.4 bn6.3 bn5.5 bn5.8 bn
Operating income673.0 m3.2 bn2.4 bn1.3 bn309.0 m2.1 bn1.8 bn1.3 bn
Depreciation & amortisation706.0 m373.0 m380.0 m ≈387.0 m ≈406.0 m354.0 m366.0 m ≈363.0 m ≈
Interest expense340.0 m344.0 m341.0 m351.0 m366.0 m357.0 m364.0 m358.0 m
Pre-tax income606.0 m2.8 bn2.3 bn1.4 bn215.0 m2.3 bn1.9 bn1.8 bn
Income tax193.0 m613.0 m548.0 m219.0 m-331.0 m544.0 m483.0 m451.0 m
Net income418.0 m2.2 bn1.7 bn1.2 bn547.0 m1.8 bn1.5 bn1.4 bn
Diluted EPS1.81 ≈9.617.725.322.47 ≈8.006.716.27
Operating cash flow706.0 m1.0 bn2.1 bn ≈1.1 bn ≈84.0 m4.3 bn1.9 bn ≈1.3 bn ≈
Capex322.0 m196.0 m267.0 m ≈360.0 m ≈293.0 m235.0 m287.0 m ≈267.0 m ≈
Dividends paid373.0 m386.0 m385.0 m381.0 m377.0 m376.0 m373.0 m373.0 m
Share repurchases1.8 bn880.0 m378.0 m ≈876.0 m ≈471.0 m1.1 bn234.0 m ≈330.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 75 percentile of its own 44-quarter history (min 11.4, median 16.8, max 22.4; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue92.1 bn104.2 bn121.9 bn138.6 bn156.6 bn171.3 bn177.0 bn199.1 bn
Revenue YoY+2.3%+13.1%+16.9%+13.8%+13.0%+9.4%+3.3%+12.5%
Net income3.8 bn4.8 bn4.6 bn6.2 bn5.9 bn6.0 bn6.0 bn5.7 bn
Net income YoY−2.4%+28.2%−4.9%+34.7%−4.3%+1.6%−0.1%−5.3%
Diluted EPS14.1918.4717.9824.9524.2825.2225.6825.21
Diluted EPS YoY−1.1%+30.2%−2.7%+38.8%−2.7%+3.9%+1.8%−1.8%
net %4.1%4.6%3.8%4.4%3.8%3.5%3.4%2.8%
Free cash flow2.6 bn5.0 bn9.7 bn7.3 bn7.2 bn6.8 bn4.6 bn3.2 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
9.5 bn USD
Financial debt
30.9 bn USD
Net debt
21.5 bn USD
Equity
44.0 bn USD
Total assets
121.5 bn USD
Debt / equity
0.70x
Current ratio
1.54x
ROE
13.3%
ROA
4.8%
FCF margin
1.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
7.7 bn
2024
7.9 bn
2025
6.7 bn

SEC (XBRL)· 06 Feb 2026verified

Net income
2023
6.0 bn
2024
6.0 bn
2025
5.7 bn

SEC (XBRL)· 06 Feb 2026verified

Diluted EPS
2023
25.22
2024
25.68
2025
25.21

SEC (XBRL)· 06 Feb 2026verified

Dividend per share
2023
5.92
2024
—
2025
—

SEC (XBRL)· 21 Feb 2024verified

Balance sheet · USD

Cash
2023
6.5 bn
2024
8.3 bn
2025
9.5 bn

SEC (XBRL)· 06 Feb 2026verified

Total assets
2023
108.9 bn
2024
116.9 bn
2025
121.5 bn

SEC (XBRL)· 06 Feb 2026verified

Short-term debt
2023
225.0 m
2024
365.0 m
2025
150.0 m

SEC (XBRL)· 06 Feb 2026verified

Long-term debt
2023
23.2 bn
2024
29.2 bn
2025
30.8 bn

SEC (XBRL)· 06 Feb 2026verified

Total liabilities
2023
69.5 bn
2024
75.5 bn
2025
77.5 bn

SEC (XBRL)· 06 Feb 2026verified

Equity
2023
39.4 bn
2024
41.4 bn
2025
44.0 bn

SEC (XBRL)· 06 Feb 2026verified

Cash flow · USD

Dividends paid
2023
1.4 bn
2024
1.5 bn
2025
1.5 bn

SEC (XBRL)· 06 Feb 2026verified

Share repurchases
2023
2.7 bn
2024
2.9 bn
2025
2.6 bn

SEC (XBRL)· 06 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
12.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.3%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-5.3%
computed by olivLawFY 2025
Net income CAGR 3Y
-1.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
4.4%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-1.8%
computed by olivLawFY 2025
EPS CAGR 3Y
1.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
7.0%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
2.5%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
11.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
4.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
29.3%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
93.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
18.3x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
18.5x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
5.4%
computed by olivLawTTM to 30 Sept 2026
P/B
2.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 61 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

434.18 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 93.8 bn USD

Key indicators

Market capitalisation
93.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
18.5x
computed by olivLawTTM to 30 Sept 2026
P/B
2.1x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
11.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
2.5%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
12.5%
computed by olivLawFY 2025
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

12/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 15 Oct 2026
Source: SEC (XBRL)published 21 Oct 2026
verified 2999derived 199

Score by group

  • Valuation79
  • Returns44
  • Quality50
  • Balance sheet100
  • Growth44

Estimated value range

Low
241.16
USD per share
Mid
276.63
USD per share
High
324.32
USD per share
Price: 434.18 USD
The price is above the range
Potential to the central value: -36.3% (value / price − 1)
Margin of safety: -57.0% (1 − price / value)
Agreement between methods: low · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 77.79 – 1,358.04 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income212.76 – 222.48 (Mid 217.53)
  • Justified P/B241.16 – 324.32 (Mid 276.63)
  • Dividend discount (DDM)77.79 – 104.62 (Mid 89.24)
  • Peers: P/E569.98 – 1,358.04 (Mid 610.34)
    7 companies used · median multiple 26.0x · quartiles 24.3x – 57.9x
    ALHC, CI, CNC, HUM, OSCR, TRUP, UNH
  • Peers: P/B433.14 – 693.44 (Mid 573.04)
    6 companies used · median multiple 2.8x · quartiles 2.1x – 3.4x
    CI, CNC, HUM, MOH, TRUP, UNH
Multiple comparisons use the SIC vertical: Hospital & Medical Service Plans (SIC 6324)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 61/100

FactorValueScoreWeight used
ROE · Quality11.6%50 (vs peers)20%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growth1.3%13 (on a fixed band)11%
Revenue CAGR 3Y · Growth8.3%83 (on a fixed band)9%
ROA · Balance sheet4.1%100 (on a fixed band)9%
P/B · Valuation2.1x71 (vs peers)16%
P/E (TTM) · Valuation18.5x86 (vs peers)16%
Dividend yield · Returns1.6%10 (on a fixed band)11%
Payout ratio (EPS) · Returns29.3%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 1/1 factors with a value
  • Growth44/100 · 2/2 factors with a value
  • Quality· partial50/100 · 1/2 factors with a value
  • Returns44/100 · 2/2 factors with a value
  • Valuation79/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Elevance Health, Inc. (ELV). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: YoY growth 12.5%; net margin 2.5%; ROE 11.6%.

The estimated value range is 241.16–324.32 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 276.63 USD, the price of 434.18 USD leaves a potential of -36.3% (value / price − 1) and a margin of safety of -57.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 8.3%
  • ROA: 4.1%
  • P/B: 2.1x
  • P/E (TTM): 18.5x
  • Payout ratio (EPS): 29.3%

What contradicts it

  • EPS CAGR 3Y: 1.3%
  • Dividend yield: 1.6%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Loss ratio.

Versus the vertical median

Hospital & Medical Service Plans (SIC 6324) · same industry (4-digit SIC) · compared with 9 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
18.5x
vertical median 26.0x
below median (−28.9%)
EV/EBITDA
—
vertical median —
P/S
0.5x
vertical median 0.3x
above median (+34.8%)
P/B
2.1x
vertical median 2.8x
below median (−26.2%)
ROE
11.6%
vertical median 10.0%
above median (+16.3%)
Net margin
2.5%
vertical median 0.8%
above median (+230.7%)
EBIT margin
—
vertical median —
Revenue YoY
12.5%
vertical median 11.9%
at median
Net debt/EBITDA
—
vertical median —
Dividend yield
1.6%
vertical median 2.0%
below median (−21.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UNHUnitedHealth Group Incorporated366.8 bn23.415.4%3.5%+11.8%+24% / −26%
ELVElevance Health, Inc.93.8 bn18.511.6%2.5%+12.5%+37% / −3%
CIThe Cigna Group80.7 bn13.215.0%2.2%+11.2%+10% / +16%
HUMHumana Inc50.1 bn44.56.2%0.8%+10.1%+70% / −14%
CNCCentene Corporation37.6 bn26.06.8%0.7%+19.4%+93% / +3%
MOHMolina Healthcare, Inc.11.8 bn—-1.2%-0.1%+11.7%+53% / −38%
ALHCAlignment Healthcare, Inc.1.7 bn71.313.2%0.6%+46.1%−58% / +9%
TRUPTrupanion, Inc.1.5 bn74.8——+11.9%−5% / +31%
OSCROscar Health, Inc.—25.234.3%3.6%+27.5%+96% / +314%
CLOVClover Health Investments, Corp.——-5.1%-0.7%+40.3%+88% / +409%

1- and 3-year price returns: for ELV from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
270.38
Total return -36% · Per year -36%
477.15
Total return 12% · Per year 12%
717.56
Total return 67% · Per year 67%
3 years
283.04
Total return -31% · Per year -12%
560.05
Total return 35% · Per year 10%
921.75
Total return 119% · Per year 30%
5 years
296.30
Total return -25% · Per year -6%
657.34
Total return 62% · Per year 10%
1,184.05
Total return 186% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 140.01
  • Net margin± 98.01
  • Annual revenue growth± 77.60
  • Annual dilution± 8.24

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Elevance Health is one of the largest health insurers in the United States, with approximately 44.9 million medical members as of September 30, 2026 2. In the third quarter of 2026 operating revenue was 50.4 billion USD, up 0.7% 3, and management raised FY 2026 diluted EPS guidance to at least 22.00 USD 3. The Carelon segment could support growth, but the company remains exposed to medical costs and government program rules 1.

SWOT

Strengths

  • Scale and presence in every state give economies of scale and geographic diversification 1.
  • The Carelon segment adds service and pharmacy revenue, with margins rising in the third quarter of 2026 3.

Weaknesses

  • Health Benefits segment margin fell in the third quarter of 2026 as targeted investments weighed on results 3.
  • Dependence on government programmes exposes the company to funding and rate changes 1.
  • Higher operating expenses weighed on results in the third quarter of 2026 3.

Opportunities

  • Expansion of risk-based Carelon services and home-based care could support growth 13.
  • New Public Exchange expansions could add members if regulation remains supportive 2.
  • Demand for coordinated medical and pharmacy cost management could rise 2.

Threats

  • Medical costs and utilisation could outrun actuarial estimates and approved rates 12.
  • Changes in regulation and subsidies could shrink Public Exchange and Medicaid membership 1.
  • Cyber-attacks could expose the company to losses and sanctions 1.

Risks

  • Cost forecastinghigh

    Errors in benefit cost estimates can hurt profitability, and Medicare and Medicaid rates are set months ahead 1.

  • Geographic concentrationmedium

    Significant revenue comes from a few states, exposing the company to regional economic downturns 1.

  • Data securityhigh

    Cyber-attacks and privacy breaches could bring remediation costs and litigation 1.

  • Public Exchange rulesmedium

    Changes to subsidies and compliance requirements could affect market stability 12.

  • Reliance on the CVS agreementlow

    New CVS terms and termination rights could change how CarelonRx delivers pharmacy services 2.

Investment thesis

What would need to be true (bull case)

  • If the operating trends of the third quarter of 2026 continue, the raised 2026 guidance could be supported by operating results 3.
  • The Carelon segment, with its risk-based services, could become a growth engine beyond traditional insurance 3.
  • National scale and the BCBS licence could keep advantages in large employer contracts 1.

What would break the thesis

  • If medical costs stay high, margins in the Health Benefits segment could remain under pressure 23.
  • Falling Medicaid and Medicare Advantage membership could reduce future revenue 2.
  • Regulatory or government funding changes could affect rates and profitability 1.

What to watch

  • Quarterly results and 2026 guidanceQ4 2026
  • Benefit expense ratio trendQ1 2027
  • Adjusted EPS growth target for 20272027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Elevance Health operates risk-based health plans, administrative services for self-funded customers and pharmacy and health services through its Carelon brand, under a licence from the Blue Cross and Blue Shield Association 1. As of December 31, 2025 the company served approximately 45.2 million medical members 1. It reports four segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other 1.

Revenue comes from risk-based premiums, administrative fees from self-funded employers and pharmacy and health service fees 1. In fiscal 2025 about 32% of consolidated revenue came from U.S. government agencies, mainly within Health Benefits 1. Strategy centres on integrating medical, pharmacy and behavioural care around a whole-health model 1.

Segments

Health Benefits

Health Benefits offers risk-based medical plans for individual, employer, Medicare, Medicaid and FEP members, plus administrative services for fee-based customers 1. In the third quarter of 2026 segment revenue was 43.4 billion USD, with operating gain lower than a year earlier because of targeted investments 3.

Corporate & Other

Corporate & Other holds businesses below segment thresholds and unallocated corporate costs, including investment in technology and long-term initiatives 1.

Market context

The company is among the largest U.S. insurers by medical membership 1. Membership eased from 45.2 million at December 31, 2025 to 44.9 million at September 30, 2026, with declines in Medicaid and Medicare Advantage 12.

Product pricing remains competitive, and Medicare and Medicaid rates may lag underlying cost trends 2. Participation in Public Exchange markets stays sensitive to subsidies and regulation, which could affect enrolment 12.

Trends

  • High medical cost trendsheadwind

    Service utilisation, high-cost drugs and labour pressures have kept cost trends elevated, especially in Medicaid 2.

  • Medicaid redetermination and morbidityheadwind

    Members moving from Medicaid into the individual ACA market and lower effectuation rates have raised morbidity, which could keep pressuring costs if the pattern persists 2.

  • Growth in Carelon servicestailwind

    Risk-based Carelon services and better specialty pharmacy profitability supported segment operating gain 3.

  • New five-year CVS agreementmixed

    CarelonRx signed a new five-year agreement with CVS starting January 1, 2027, which could provide continuity but introduces new operating terms 2.

Competitive position

The company competes with other large insurers for employer, Medicare, Medicaid and Public Exchange business, where price plays a major role in plan choice 1. The BCBS licence and BlueCard network help in large multistate contracts, but price competition remains intense 12.

In pharmacy and health services, CarelonRx and Carelon Services compete with specialist pharmacy benefit managers and managed care service providers 12.

  • Large national health insurers (commercial and Medicare plans)

    Nationwide insurers are the main rivals for employer contracts and Medicare plans 1.

  • Pharmacy services and benefit management providers

    In pharmacy, CarelonRx competes with specialist providers offering comparable drug management services 2.

  • Other Blue Cross and Blue Shield licensees

    BCBS licensees compete locally but cooperate through BlueCard on multistate contracts 1.

  • Medicaid and Medicare Advantage service providers

    In Medicaid and Medicare Advantage, competition runs on rates, quality results and CMS Star Ratings 1.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Elevance Health, Inc. · 06 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Elevance Health, Inc. · 21 Oct 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Elevance Health, Inc. · 21 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.